JAMB UTME - Economics - 1987

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

75 units

35 units

7 units

not determinable from the schedules except when graphed

Akọwa Nkọwa

Lee Azịza

Ajụjụ 18 Ripọtì

The difference between personal income and personal disposal income is?

personal income tax

investment income

personal savings

consumption expenditure

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 19 Ripọtì

Which of the following best describes the concept of opportunity cost?

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good

A cost that constantly decreases

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 20 Ripọtì

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output

Total Fixed Cost plus Marginal Cost

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Factors Of Production And Their Theories (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

Lee Azịza

Ajụjụ 21 Ripọtì

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Akọwa Nkọwa

The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

Gụọ akwụkwọ nkuzi na Factors Of Production And Their Theories (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

Lee Azịza

Ajụjụ 22 Ripọtì

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative

the poor buy the good only out of habit

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 23 Ripọtì

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

Lee Azịza

Ajụjụ 24 Ripọtì

In the history of Economic Thought the concept of Division of labour is usually associated with?

David Richardo

J.M. Keynes

Adam Smith

Karl Marx

Akọwa Nkọwa

Lee Azịza

Ajụjụ 25 Ripọtì

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand

demand is highly inelastic

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Supply

Demand

Lee Azịza

Ajụjụ 26 Ripọtì

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income

payment transferred from one account to another

Akọwa Nkọwa

Lee Azịza

Ajụjụ 27 Ripọtì

Price can be defined as?

a rate of exchange

a mediumof exchange

the cost of product

the standard of accounting

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Theory Of Price Determination

Lee Azịza

Ajụjụ 28 Ripọtì

For the improvement of the welfare of a people, a high production level is not enough because

the have-nots deserve more than a fair share

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

Lee Azịza

Ajụjụ 29 Ripọtì

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

10.20

3.57

1.25

0.80

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

Lee Azịza

Ajụjụ 30 Ripọtì

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

microeconomics

macroeconomics

production

indifference curve

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Lee Azịza

Ajụjụ 31 Ripọtì

For normal goods the income elasticity of demand is?

positive

negative

zero

infinite

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Demand

Lee Azịza

Ajụjụ 32 Ripọtì

Which of the following best explains the structural changes in the population of a country?

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Gụọ akwụkwọ nkuzi na Population (JAMB)

Population And Labour Market

Population

Lee Azịza

Ajụjụ 33 Ripọtì

The money which government spends yearly for the maintenance of its school is?

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure

the government's budget for its school

Akọwa Nkọwa

Lee Azịza

Ajụjụ 34 Ripọtì

In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Lee Azịza

Ajụjụ 35 Ripọtì

Which of the following is a disadvantage of regional concentration of industries?

Development of congested urban areas

Existence of regional unempolyment

High cost of labour

Immobility of labour

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

Lee Azịza

Ajụjụ 36 Ripọtì

In which of the diagrams above, is the consumer surplus correctly shaded?

III

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Lee Azịza

Ajụjụ 37 Ripọtì

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 38 Ripọtì

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

elastic

inelastic

perfectly elastic

unitary elastic

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 39 Ripọtì

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Growth And Development (JAMB)

Economic Growth And Development

Lee Azịza

Ajụjụ 40 Ripọtì

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Production

Lee Azịza

Ajụjụ 41 Ripọtì

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Total fixed cost plus marginal cost

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Lee Azịza

Ajụjụ 42 Ripọtì

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits

mobilize more funds for development

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 43 Ripọtì

In the long run a firm will leave an industry if price?

does not cover at at least Average Total Cost

is not equal to Marginal Cost

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

Lee Azịza

Ajụjụ 44 Ripọtì

Which of the following is NOT a type of business ownership?

Debenture holding

private company

Parnership

Joint Stock venture

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Business Organizations

Lee Azịza

Ajụjụ 45 Ripọtì

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate

the growth of full employment output will be accelerated

people will want to hold more money

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Money And Inflation

Lee Azịza

Ajụjụ 46 Ripọtì

The rate of exchange between a domestic and a foreign currency is defined as the?

terms of trade

domestic currency price of a unit of the foreign currency

foreign currency price of gold

domestic currency price of gold

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 47 Ripọtì

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

65 units

40 units

30 units

20 units

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 48 Ripọtì

In the keynesian model?